Lower Fifth Avenue, an area between 42nd and 49th streets, saw the biggest asking rent decline among Manhattan's prominent retail corridors in the third quarter, falling 25% from the same period last year

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Manhattan-wide, rents fell an average of 8.1%. The Meatpacking District, which has benefited from tourist traffic on the High Line, was the only submarket where rents climbed.

Rents on upper Fifth Avenue had surged in recent years, pushing out many of the street's luxury retailers whose sales hadn't kept pace. The cost increases have leveled out a bit, Smith said. On lower Fifth, some landlords who created oversized spaces in a bid to attract major chains are now struggling to fill those stores.